Consider the following data on U.S. GDP:
Year Nominal GDP
(in billions) GDP Deflator
(base year 2005)
2009 $14,256 109.8
1999 $9,353 86.8
1. What was the growth rate of nominal GDP between 1999 and 2009?
2. What was the growth rate of the GDP deflator from 1999 to 2009?
3. What was real GDP in 1999 measured in 2005 prices?
4. What was real GDP in 2009 measured in 2005 prices?
5. What was the growth rate of real GDP from 1999 to 2009?
6. Which growth rate was higher between 1999 and 2009: the growth rate of nominal GDP or the growth rate of real GDP?